Applying RegTech to KYC Activities, Including Periodic Reviews: A Brief Overview of Possibilities

By Shubhendu Mukherjee, Protiviti Director

Ongoing ‘‘know your customer’’ (KYC) obligations can be very challenging for organizations for several reasons. Not knowing enough about customers or not requesting the right information up front can limit the ability to monitor customer activity effectively. Complicating matters further is the lack of a single repository for customer information at many institutions.

Fortunately, RegTech solutions have been developed to assist financial institutions in their efforts to streamline their KYC activities. This article discusses some key examples that can deliver a variety of benefits, including enhanced regulatory reporting, and their KYC applications.